Blonder Tongue Laboratories, Inc. (NYSE Alternext US: �BDR�)
today announced its sales and results for the year and fourth
quarter ended December 31, 2008.
Net sales increased $2,308,000, or 7.0%, to $35,320,000 for the
year ended December 31, 2008 from $33,012,000 for the year ended
December 31, 2007. The increase in sales for the year is primarily
attributed to an increase in sales of digital products and contract
manufactured product, offset by a decrease in sales of analog
headend and distribution products. For the year ended December 31,
2008 and 2007, respectively, digital product sales were $10,940,000
and $5,837,000, contract manufactured product sales were $1,369,000
and $81,000, analog headend product sales were $13,827,000 and
$16,170,000 and distribution product sales were $5,587,000 and
$6,670,000.
Loss from continuing operations after income taxes was
$(86,000), or $(0.01) per share, for the year ended December 31,
2008 compared to $(253,000) or $(0.04) per share for the comparable
period in 2007. An increase in inventory reserve of $799,000 in
2008 and $314,000 in 2007 increased the cost of sales, thereby
negatively affecting the profit for each of these years.
Loss from discontinued operations was $(325,000), or $(0.06) per
share, for the year ended December 31, 2008 compared to $(308,000)
or $(0.05) per share for the comparable period in 2007. The
discontinued operations were the result of the previously announced
decision by the Company to cease operations of its wholly-owned
subsidiary, Hybrid Networks, LLC, and dispose of its assets.
Net sales increased $1,873,000, or 22.6%, to $10,165,000 for the
fourth quarter ended December 31, 2008 from $8,292,000 for the
comparable period in 2007. The increase in sales for the quarter is
primarily attributed to an increase in sales of digital products,
contract manufactured product and analog headend products, offset
by a decrease in sales of distribution products. For the fourth
quarter ended December 31, 2008 and 2007, respectively, digital
product sales were $3,704,000 and $1,827,000, contract manufactured
product sales were $318,000 and $81,000, analog headend product
sales were $4,107,000 and 3,685,000 and distribution product sales
were $1,291,000 and $1,555,000.
Income from continuing operations after income taxes was
$544,000, or $0.09 per share, for the quarter ended December 31,
2008 compared to $642,000 or $0.10 per share for the comparable
period in 2007.
Commenting on the year-end 2008 results, James A. Luksch, Chief
Executive Officer, said, �The fourth quarter of 2008 demonstrates
the continuation of a positive trend at Blonder Tongue. This year�s
performance shows the strength of our digital offerings, which
provide cost effective solutions for HDTV deployment and the
continuing analog-to-digital transition. BT�s digital product
groups generated $10,940,000 in sales in 2008, compared to sales of
$5,837,000 in 2007. The Company�s performance quarter to quarter
this year has mirrored our increasing digital product sales.
Digital product sales were $963,000, $2,969,000, $3,304,000 and
$3,704,000 in the first, second, third and fourth quarters of 2008,
respectively. Net sales were $6,884,000, $8,562,000, $9,709,000 and
$10,165,000 in the first, second, third and fourth quarters,
respectively. Working capital was $7,657,000, $7,842,000,
$12,107,000 and $12,213,000 in the same four quarters.�
Mr. Luksch continued, �In summary, the Company has grown in
sales, cash flow and working capital at a time when the world is in
financial turmoil. The television industry�s transition to digital
and high definition content demands a whole new suite of products.
With the development of high quality encoding products and the
expansion of our IPTV product line, we believe the Company is
positioned to grow in it�s existing business and expand into new
markets. As stated in our last quarter�s release, while it is
certainly difficult to predict the future, all present indications
are that this positive trend should continue well into 2009 in
spite of the general economic slowdown.�
Blonder Tongue Laboratories, Inc. provides professional
solutions for content contribution, distribution and video delivery
to the home or business serving cable, broadcast, satellite, IPTV,
institutional and professional video markets. With nearly 60 years
of experience, the company designs, manufactures, sells and
supports an equipment portfolio of digital and core analog video
solutions, as well as high speed data and telephony for
distribution over coax, fiber and IP networks. Additional
information on Blonder Tongue and its products can be found at
www.blondertongue.com.
�Safe Harbor� Statement under the Private Securities Litigation
Reform Act of 1995: The information set forth above includes
�forward-looking� statements and accordingly, the cautionary
statements contained in Blonder Tongue�s Annual Report and Form
10-K for the year ended December 31, 2007 (See Item 1: Business,
Item 1A: Risk Factors and Item 7: Management�s Discussion and
Analysis of Financial Condition and Results of Operations), and
other filings with the Securities and Exchange Commission are
incorporated herein by reference. The words �believe�, �expect�,
�anticipate�, �indications�, �should�, �project�, and similar
expressions identify forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect management�s analysis only as of the date
hereof. Blonder Tongue undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances
that arise after the date hereof. Blonder Tongue�s actual results
may differ from the anticipated results or other expectations
expressed in Blonder Tongue�s �forward-looking� statements.
Blonder Tongue Laboratories,
Inc.
Consolidated Summary of
Operating Results
(in thousands, except per-share
data)
(unaudited)
� �
Three months ended Twelve months ended
December 31, �
December 31,
2008
�
2007
2008
�
2007
� Net sales $ 10,165 $ 8,292 $ 35,320 $ 33,012 Gross profit 3,407
2,950 11,607 11,299 Income from operations 591 750 306 213 Income
(loss) from continuing operations 544 642 (86 ) (253 ) Income
(loss) from discontinued operations 3 (52 ) (325 ) (308 ) Net
income (loss) $ 547 $ 590 $ (411 ) $ (561 )
Basic and diluted income (loss)
per share from continuing operations
$ 0.09 $ 0.10 $ (0.01 ) $ (0.04 ) Basic and diluted loss per share
from discontinued operations $ - $ (0.01 ) $ (0.06 ) $ (0.05 )
Basic and diluted net income (loss) per share $ 0.09 $ 0.09 $ (0.07
) $ (0.09 ) Basic and diluted weighted average shares outstanding:
6,213 6,222 6,220 6,222
Consolidated Summary Balance
Sheets
(in thousands)
� �
December 31,
December 31,
2008
2007
� Current assets $ 16,040 $ 13,160 Property, plant, and equipment,
net 4,176 4,530 Total assets 27,042 25,949 Current liabilities
3,827 5,258 Long-term liabilities 3,779 14 Stockholders� equity
19,436 20,677 � Total liabilities and stockholders� equity $ 27,042
$ 25,949
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